The Institute of Chartered Accountants in England and Wales (ICAEW), a world leader of the accountancy and finance profession, and the Vietnam Association of Certified Public Accountants (VACPA) have signed a Memorandum of Understanding (MoU) to work more closely together.
The agreement between the two bodies was signed on 4 November 2011, by ICAEW President Clive Parritt and VACPA President and Former Vice Minister of Finance, Tran Van Ta, at a ceremony in Hanoi, Vietnam. Also present were United Kingdom Secretary of State for Business, Innovation and Skills, Dr Vince Cable and Vietnam’s Minister of Finance Vuong Dinh Hue.
The MoU establishes a framework for the two bodies to work together to develop talent and advance the accountancy profession in Vietnam and South East Asia. ICAEW and VACPA will be developing learning programmes in areas of mutual interest – such as International Financial Reporting Standards (IFRS), audit and corporate governance – as well as sharing the latest advances in corporate governance, professional ethics and technical research.
Clive Parritt, ICAEW President, said: “This MoU will further strengthen the relationship between ICAEW and VACPA. With the advancement of globalisation, professional bodies need to work together across country borders, ensuring we learn from each other as well as supporting our members both technically and ethically in different jurisdictions.
“Accountants and auditors play such important roles in delivering business confidence, a very valuable commodity these days and crucial for the continuing growth of the Vietnamese economy and of financial markets worldwide. ICAEW is working in partnership with national accountancy bodies around the world to help promote and develop best practice, and we look forward to working closely with VACPA too."
Business Secretary Dr Vince Cable said: “The co-operation between these two accounting bodies is a welcome development. Implementing international standard accounting practices in Vietnam will further encourage foreign companies to invest in the country.”
“The issues that this agreement covers – such as corporate governance, professional ethics, training and qualification – are vital elements for successful businesses.
He added: “As Vietnam’s economy becomes more international, companies will increasingly look for employees with internationally recognised accreditation. I am delighted that UK expertise can contribute to this process”
Tran Van Ta, President of VACPA said: “This is an excellent opportunity for VACPA to expand and improve relations with international professional accounting associations, especially with ICAEW - a prestigious institute with a long legacy. With the inking of agreements between ICAEW and VACPA, members will be able to benefit from each other and further strengthen and contribute to the development of the accounting profession here in Vietnam.”